Gautam Chhaochharia of UBS India told CNBC-TV18, " Petronet LNG 's long-term story is well-known; it is about the structural gas shortage in India that is likely to continue. What has been holding back the stock for last year and half and we had a sell for a while is that the visibility on growth specifically for Petronet was not there."

He further added, "However now the new capacity expansions which are due for next year that is much more in our forecast horizon zone. The markets will start factoring that growth and expansion gradually and that will drive the stock up from current levels."